Discounted Cash Flow (DCF) Analysis Unlevered

Yandex N.V. (YNDX)

$18.94

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 50,872.33 | 18.94 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 94,054127,657175,391218,344356,171499,292.41699,924.80981,1781,375,448.121,928,149.18
Revenue (%)
EBITDA 25,83869,27248,52868,27031,806149,389.52209,419.23293,570.88411,537.48576,907
EBITDA (%)
EBIT 14,59957,13524,55640,940-3,52891,908.75128,840.76180,613.28253,189.74354,929.84
EBIT (%)
Depreciation 11,23912,13723,97227,33035,33457,480.7780,578.47112,957.60158,347.74221,977.15
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 65,70268,79888,306238,185107,191312,835.62438,543.43614,764.84861,797.921,208,097.14
Total Cash (%)
Account Receivables 13,05420,37725,68638,31963,24679,680.67111,699.03156,583.43219,503.89307,707.89
Account Receivables (%)
Inventories -2658084,8109,5876,943.799,734.0413,645.5019,128.7126,815.27
Inventories (%)
Accounts Payable 9,20215,21321,91630,64784,49571,853.78100,727.03141,202.51197,942.40277,482.28
Accounts Payable (%)
Capital Expenditure -12,389-28,323-20,543-24,551-44,621-70,743.60-99,170.75-139,020.87-194,884.11-273,195.06
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.94
Beta 1.523
Diluted Shares Outstanding 353.38
Cost of Debt
Tax Rate -103.09
After-tax Cost of Debt 2.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.993
Total Debt 125,827
Total Equity 6,693.07
Total Capital 132,520.07
Debt Weighting 94.95
Equity Weighting 5.05
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 94,054127,657175,391218,344356,171499,292.41699,924.80981,1781,375,448.121,928,149.18
EBITDA 25,83869,27248,52868,27031,806149,389.52209,419.23293,570.88411,537.48576,907
EBIT 14,59957,13524,55640,940-3,52891,908.75128,840.76180,613.28253,189.74354,929.84
Tax Rate 35.39%12.63%43.88%31.43%-103.09%4.05%4.05%4.05%4.05%4.05%
EBIAT 9,433.1349,920.7413,780.5828,073.90-7,164.9388,189.73123,627.32173,304.91242,944.61340,567.88
Depreciation 11,23912,13723,97227,33035,33457,480.7780,578.47112,957.60158,347.74221,977.15
Accounts Receivable --7,323-5,309-12,633-24,927-16,434.67-32,018.36-44,884.40-62,920.46-88,204
Inventories ---543-4,002-4,7772,643.21-2,790.25-3,911.46-5,483.22-7,686.56
Accounts Payable -6,0116,7038,73153,848-12,641.2328,873.2540,475.4956,739.8979,539.88
Capital Expenditure -12,389-28,323-20,543-24,551-44,621-70,743.60-99,170.75-139,020.87-194,884.11-273,195.06
UFCF 8,283.1332,422.7418,060.5922,948.897,692.0848,494.2299,099.68138,921.25194,744.46272,999.29
WACC
PV UFCF 46,917.7892,761.39125,808.85170,629.89231,419
SUM PV UFCF 667,536.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.36
Free cash flow (t + 1) 278,459.28
Terminal Value 20,474,946.76
Present Value of Terminal Value 17,356,425.08

Intrinsic Value

Enterprise Value 18,023,961.99
Net Debt 46,552
Equity Value 17,977,409.99
Shares Outstanding 353.38
Equity Value Per Share 50,872.33